Patterns: CAD/CHF, CHF/JPY
|CAD/CHF 4H Chart: Breakout occurs
The Canadian Dollar has declined by 1.93% against the Swiss Franc since September 8. The currency pair breached the 200– period simple moving average during this week's trading sessions.
A breakout occurred through the upper boundary of a descending channel pattern on September 22.
Given that a breakout has occurred, bullish traders could pressure the CAD/CHF exchange rate higher during the following trading sessions.
However, a resistance cluster formed by the 100– period SMA and the weekly R1 at 0.6920 could provide resistance for the currency exchange rate in the shorter term.
CHF/JPY 4H Chart: Decline could continue
The Swiss Franc has declined by 2.58% against the Japanese Yen since September 10. The currency pair tested the lower line of a descending channel pattern at 113.85 during yesterday's trading session.
Currently, the exchange rate is trading near the bottom border of the descending channel pattern and could be set for a breakout.
If the breakout occurs, bearish traders could pressure the CHF/JPY pair towards the 112.00 level during the following trading sessions.
However, if the channel pattern holds, bulls could target the resistance cluster at 115.38 next week.
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